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January 13, 2017 / 9:01 AM / a year ago


(The following statement was released by the rating agency) HONG KONG, January 13 (Fitch) 本文章英文原文最初於2017年1月5日發布于:<a href=""> Fitch Rates Taikang Group's Senior Unsecured Bonds 'BBB+(EXP)' 惠譽評級已授予泰康保險集團股份有限公司(泰康集團)擬發行的高級無抵押債券‘BBB+(EXP)’的預期評級,惠譽同時公布泰康集團‘A-’的發行人違約評級,展望穩定 。 關鍵評級驅動因素 泰康集團的發行人違約評級反映出其核心子公司泰康人壽保險有限責任公司(泰康人壽,保險公司財務實力評級:A/穩定)的強大的品牌、廣泛的分銷網絡及良好的盈利能力。該評 級也將集團的資本金水平可能容易受到資本市場不利變動的影響考慮在內。 擬發行的債券將構成泰康集團的高級無抵押債務,其評級較集團的發行人違約評級低一個子級,以反映出如果發生違約,回收率前景將低於平均水平。此次發行的收益將用於一般公司 用途及境外項目的投資。最終評級將取決於最終收到的文件與已獲得的文件是否一致。 此次債券發行將使泰康集團的財務槓桿率升高。惠譽估計2016年9月底時集團的槓桿率為32%,這是基於2016年9月底時集團的凈資產,並且包括來自員工認購股份的22 億人民幣資金(可能在2016年底時被視為資本)以及3.6億美元的預計銀行借款。 評級敏感性 如果到2017年底時,泰康集團在維持適當資本金水平的同時未能將財務槓桿率控制在35%以下,惠譽將會考慮採取負面評級行動。泰康人壽的保險公司財務實力評級的任何變化 也有可能導致泰康集團的發行人違約評級及擬發行的債券的評級發生相應變化。 泰康人壽保險公司財務實力評級的關鍵評級驅動因素和評級敏感性因素的詳細信息,請參見2016年12月23日發布于<a href=""> 的<a href="">《惠譽授予泰康人壽‘A’的保險公司財務實力評級,展望穩定 》。 聯繫人: 首席分析師 Joyce Huang(黃佳琪), CFA 董事 +852 2263 9595 惠譽國際評級有限公司 香港中環德輔道中68號萬宜大廈19層 第二分析師 Terrence Wong(王長泰) 董事 +852 2263 9920 評級委員會主席 Jeffrey Liew(劉思淇) 高級董事 +852 2263 9939 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 詳情參見<a href=""> 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 Applicable Criteria Insurance Rating Methodology (pub. 15 Sep 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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